Nuvalent initiated with a Neutral at UBS

UBS initiated coverage of Nuvalent (NUVL) with a Neutral rating and $100 price target The firm launched coverage of SMID cap biotech sector with a focus in oncology and autoimmune diseases. Its top pick is Syndax. The analyst says Nuvalent’s “best-in-class” therapies in lung cancer are largely reflected in the stock price.